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Budget News

  • Broader market rallies; Nifty ends below 17,550
  • September 22,2021  15:32
  • The key equity indices ended with small losses after a volatile session on Wednesday. The Nifty closed a tad below the 17,550 mark. Auto shares witnessed value buying after declining in the past three session.

    As per provisional closing data, the barometer index, the S&P BSE Sensex, slipped 77.94 points or 0.13% to 58,927.33. The Nifty 50 index lost 15.35 points or 0.09% to 17,546.65.

    The broader indices rallied. The S&P BSE Mid-Cap index rose 1.51%. The S&P BSE Small-Cap index gained 1.19%.

    Buyers outpaced sellers. On the BSE, 2101 shares rose and 1137 shares fell. A total of 165 shares were unchanged.

    Investors will watch out for Fed Chairman Jerome Powell statement on Wednesday, looking for signals regarding the U.S. central bank's plans to taper its bond buying, specifically when that will happen.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 22,95,43,672 with 47,08,355 deaths. India reported 3,01,989 active cases of COVID-19 infection and 4,45,768 deaths while 3,27,83,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    A total of 82,58,76,656 COVID-19 vaccine doses have been administered in the country so far, with over 75.39 lakh doses being given yesterday, according to the Co-WIN dashboard.

    Economy:

    The Asian Development Bank on Wednesday revised down India's economic growth forecast for the current fiscal to 10%, from 11% predicted earlier, citing the adverse impact of the second wave of the pandemic.

    The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns. The economy is expected to rebound strongly in the remaining three quarters of FY2021, and grow by 10% in the full fiscal year before moderating to 7.5% in FY2022, said the Asian Development Outlook Update (ADOU) 2021.

    In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11% in the current fiscal year. Because consumption will recover only gradually, government spending and exports will contribute more to FY2021's growth than they did in the previous fiscal year, it had said about India.

    Primary Market:

    Paras Defence and Space Technologies IPO opened for subscription from Tuesday (21 September) and it will close on Thursday (23 September).

    The offer comprises of a fresh issue of up to Rs 140.60 crore and an offer for sale of up to 17,24,490 equity shares (including anchor portion of 29,27,485 equity shares) in the price band of Rs 165 to Rs 175 per share.

    As on 15:24 IST, the IPO received bids for 25.01 crore shares as against 71.40 lakh shares on offer. The issue was subscribed 35.03 times so far.

    The company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment amounting Rs 34.657 crore, funding incremental working capital requirements amounting Rs 60 crore, repayment or prepayment of all or certain borrowings amounting Rs 12 crore and for general corporate purposes. As of 31 July 2021, its aggregate outstanding indebtedness was Rs 115.827 crore.

    Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.

    Buzzing Index:

    The Nifty Auto index rose 1.20% to 10,278.05. The index declined 1.89% in the past three sessions.

    Tata Motors (up 2.72%), Ashok Leyland (up 1.10%), Mahindra & Mahindra (up 1.81%), Maruti Suzuki (up 0.76%), Bajaj Auto (up 0.86%), TVS Motor Company (up 1.29%) and Bharat Forge (up 0.27%) advanced.

    Concurrently, Eicher Motors (up 0.25%) and Hero MotoCorp (down 0.18%) declined.

    Stocks in Spotlight:

    Zee Entertainment Enterprises (ZEEL) jumped 32.02% at Rs 337.50. The company said its board approved merger between the firm and Sony Pictures Networks India (SPNI). The board of ZEEL present and voting in its board meeting held on 21 September 2021, unanimously provided an in-principle approval for the merger between SPNI & ZEEL.

    Speaking on the development, R. Gopalan, chairman, ZEEL said, The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes. As per legal and regulatory guidelines, at the required stage, the proposal will be presented to the esteem ed shareholders of ZEEL for their approval.

    Nucleus Software surged 12.10% to Rs 593.60. The IT company said its board will consider a share buyback on Friday, 24 September 2021.

    Godrej Properties soared 12.87% to Rs 1947.25. The real estate firm achieved sales of Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida (Uttar Pradesh). The company sold 340 homes with an area of more than half a million square feet on the first day of launch.

    Surya Roshni advanced 4.43% to Rs 786.80. The company received order amounting to Rs 41.22 crore from Greater Noida Industrial Development Authority. The order is for implementation of smart LED streetlights and installation of centralised monitoring system with operation and maintenance of seven years for Greater Noida, Uttar Pradesh.

    Mphasis rose 1.84% to Rs 3258. The company said that its wholly owned subsidiary, Mphasis Corporation, USA, has acquired Blink Interactive, Inc, a Washington corporation, consequent to signing a definitive agreement regarding the acquisition. The acquisition entails a total consideration of up to $94 million, including earnouts.

    Blink Interactive provides design consultancy services around User Experience (UX), User research-based software product design and strategy, and Customer Experience (CX) design for marquee brands.

    Kotak Mahindra Bank (KMBL) fell 1.05% to Rs 1989.70. The bank announced that it has launched complete range of solutions to cater to the financing requirements of the healthcare ecosystem.

    ICICI Bank slipped 1.01% to Rs 704.10. On the BSE, over 1.21 crore shares of the bank were traded in the counter so far as against an average trading volume of 1.84 lakh shares in the past two weeks.

    Ramkrishna Forgings added 2.39% to Rs 1040.30. The company won a non-auto segment order worth Rs 65 crore for supply of mining and earthmoving components from an Indian arm of Hitachi. The order will be supplied in FY22 and FY23.

    Global Markets:

    Shares in Europe and Asia advanced on Wednesday, 22 September 2021. Markets in Hong Kong are closed for a holiday. Investors continued to assess the debt crisis at China Evergrande Group and prepare for a Federal Reserve meeting that is expected to signal a timetable for the reduction in stimulus later this year.

    Property company Evergrande, which has more than $300 billion of liabilities, missed some interest payments due Monday and investors are seeking clues about how Beijing plans to deal with the cash crunch.

    US stocks on Tuesday fought to rebound from Monday's rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red. Worries over troubles at developer China Evergrande kept a lid on the market.

    Investors are looking for more information from Fed Chairman Jerome Powell on Wednesday about the central bank's plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.

    The US current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending. The Commerce Department said on Tuesday the current account deficit rose 0.5% to $190.3 billion last quarter.

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